New Zealand Dollar Breaks Above .7500

Commentary: Kiwi has been on a tear. We wrote last week that “similar to the Aussie, we are expecting a break above .7491 in a 5th wave.” This break has happened and the NZDUSD trades north of .7500 for the first time since June of 1982.

The chart above shows an extended first wave from .5927, and the rally from .7237 is the 5th wave. A potential terminus is the resistance line shown above, near .7640. Strategy: None